CNBC's Jim Cramer is warning investors against acting rashly toward Amazon stock, in the wake of Jeff Bezos accusing the National Enquirer of blackmail over sexual photos texted to his mistress Lauren Sanchez.
"If you're selling Amazon off this you're really stupid," Cramer said on "Squawk on the Street."
The owner of the Enquirer — David Pecker's American Media Inc. — released a statement Friday morning denying Bezos' claims. It read in part, "American Media believes fervently that it acted lawfully in the reporting of the story of Mr. Bezos," adding however that its board "should promptly and thoroughly investigate the claims."
In a Thursday blog post headlined, "No thank you, Mr. Pecker," Bezos claims that AMI asked him to publicly deny any political motivation in the Enquirer's coverage of his divorce, in exchange for not publishing photos he texted Sanchez, including a "below the belt selfie."
Bezos and his wife MacKenzie announced their divorce on Jan. 9. Later that day, the Enquirer broke news about Bezos' affair with Sanchez.
While shrugging off the alleged Enquirer extortion, Cramer did say it's reasonable for investors to be concerned about how Bezos' divorce might impact Amazon stock, as any separation agreement would make MacKenzie a major shareholder of the e-commerce giant.
"Isn't the issue the dumping of the stock by his soon-to-be ex-wife? The stock is down huge on that," said the "Mad Money" host, whose charitable trust owns Amazon shares. "People are worried she'll blow out of the stock."
However, Cramer countered that argument, saying "focus on the fundamentals" at Amazon.
Bezos, best known for founding Amazon, is still the company's largest shareholder by far, owning 16.3 percent of its shares, according to the company's 2018 proxy statement. Washington state, where Amazon is headquartered and the Bezoses own a home, is a "community property" state, meaning if the couple files for divorce there, all assets and debts accrued during their marriage will be considered owned by both husband and wife.
— CNBC's Lauren Feiner contributed to this report.